Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
FPA Queens Road Small Cap Value Fund Steve Scruggs | “Interdigital (IDCC) owns an expansive collection of wireless patents. Most of their revenue comes from licensing agreements with smart phone manufacturers, but the company has also started licensing to consumer electronics, auto, industrial and media companies. CEO Liren Chen joined in 2021 from Qualcom and has done an exceptional job ramping up the pace of licensing deals. The stock price has followed earnings growth higher and IDCC was a top performer for the Fund in 2023, 2024 and 2025. We have trimmed all the way up but still hold a less than 2% position in IDCC.” | NEUTRAL | Q2 2026 Aug 12, 2026 | View Pitch |
FPA Queens Road Small Cap Value Fund Steve Scruggs | “InterDigital (IDCC) is a R&D organization that develops and acquires wireless communication and video patents. The company has a history of strong financial performance, opportunistically buys back shares, and pays a modest dividend. InterDigital has been successfully renewing its wireless licensing agreements (Apple in 2022, Samsung in 2023) and has a growing stream of recurring licensing revenues across consumer electronics, internet of things (IoT), and automotive customers. CEO Liren Chen joined the company in 2021 from Qualcomm and has been hiring other former Qualcomm managers. The company's share price has increased over the past year due to growing revenue, profitability, and buybacks. We like the company's long-term prospects but began trimming the Fund's position this year on valuation. BSD Analysis: InterDigital starts 2026 by reinforcing its licensing moat through a new multi-year patent deal with LG Electronics, covering digital TVs and advanced display technologies. For the full year 2026, the company has issued a revenue outlook of $675 million to $775 million and a non-GAAP EPS target of $8.74 to $11.84. While Q4 2025 sales of $158 million reflected some seasonal lumpiness, management anticipates a significant rebound in Q1 2026 with revenue projected at $194 million to $200 million. The primary catalyst for the year is the expansion of its patent reach into the IoT and automotive sectors, diversifying income beyond traditional smartphone royalties.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
FPA Queens Road Small Cap Value Fund Steve Scruggs | “InterDigital holds a robust wireless and video patent licensing portfolio that yields highly recurring software-like revenues. The firm combines consistent financial execution with aggressive share repurchases and stable operations.” | BULL | Q1 2025 Apr 18, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
